Futures rise as Amazon earnings lift sentiment ahead of jobs data

Reuters

Futures rise as Amazon earnings lift sentiment ahead of jobs data

2024 11월 1 일, 오전 11:36 GMT

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Amazon.com jumps as retail strength boosts profit

Chevron, Exxon rise after results

Nonfarm payrolls due at 8:30 a.m. ET

Futures up: Dow 0.33%, S&P 500 0.35%, Nasdaq 0.41%

Updated at 7:11 a.m. ET/1111 GMT

By Lisa Pauline Mattackal

Nov 1 (Reuters) - U.S. stock futures rose on Friday, buoyed by strong Amazon results offsetting the previous session's tech selloff, with investors awaiting nonfarm payrolls data for insights on the Federal Reserve's key policy rate trajectory.

Amazon.com AMZN.O soared 6.8% in premarket trading, as strong retail sales increased itsprofit above Wall Street estimates.

That lifted marketmorale after a tech-driven slump in Thursday's session, as cost warnings on AI-related infrastructure from Meta Platforms META.O and Microsoft MSFT.O saw the Nasdaq .IXIC tumble 2.7% onits worst day in nearly two months.

Nonfarm payrolls data, due before markets open, is now in focus.Economists polled byReuters estimated thatthe economy added 113,000 jobs in October. However, analysts said labor strikes and hurricanes could skew the month's data.

Meanwhile, Apple AAPL.O dropped1.7% despite beating quarterly sales forecasts, as investors worried about a decline in China sales.

While investors are largely certain the Fed will cut rates by 25 basis points in November, the outlook for subsequent months is less clear as economic data remains robust.

Treasury yields have risen to nearly four-month highs in recent weeks, pressuring equities, as traders speculate that the central bank will adopt a less dovish stance.

The Nov. 5 U.S. presidential election is also on investors' minds, with many analysts predicting a close race and some uncertainty over the final outcome. The Federal Reserve's November meeting kicks off the following day.

Unsurprisingly, equity volatility has risen in recent days, with the CBOE Volatility Index .VIX trading at a more than three-week high.

"(The) US October Jobs Report and Election Date pose significant risks to both sides of current rates outlook, we think the Fed is more likely to change its forward guidance than its rate decision next week in case of data (or) political surprises," analysts at Danske Bank wrote.

Dow E-minis 1YMcv1 were up 139 points, or 0.33%, S&P 500 E-minis EScv1 were up 20.25 points, or 0.35%, and Nasdaq 100 E-minis NQcv1 were up 82.75 points, or 0.41%.

All three major indexes were on track for weekly declines, with the S&P 500 .SPX and the Nasdaq Composite .IXIC set for their worst week in eight.

Intel INTC.O jumped 5.3% after a better-than-expected revenue forecast, lifting other chip stocks, with Nvidia NVDA.O rising 1.6%.

Shares of Boeing BA.N rose 2.6% after a union of striking workers endorsed an improved contract offer that includes a 38% pay rise, with members expected to vote on Monday.

Oil majorsExxon Mobil XOM.N andChevron CVX.N rose 1.6% and 2%, respectively, after both companies beat third-quarter profit estimates on higher oil output.

Of the S&P 500 companies that have reported third-quarter results, 77.2% have beaten analysts' expectations, according to LSEG data as of Thursday, roughly in line with the past four quarters' 79% average.

U.S. Manufacturing PMI data is also due later in the day.

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Reporting by Lisa Mattackal in Bengaluru; Editing by Pooja Desai

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